FDI.L Regulatory News (FDI)

RNS Number : 5443I

Firestone Diamonds PLC

15 March 2010

 

Firestone Diamonds plc

Secondary listing on Botswana Stock Exchange

 

LONDON: 15 March, 2010

 

Firestone Diamonds plc, ("Firestone" or "the Company"), the AIM-quoted diamond mining and exploration company (ticker: AIM:FDI), announces that it intends to apply for a secondary listing of shares in the Company on the Botswana Stock Exchange and has appointed Capital Securities of Botswana as Sponsoring Broker in relation to the proposed listing. The secondary listing application is expected to be made shortly, and listing is expected to take place in Q2 2010.

 

With most of Firestone's current operations now focused on Botswana and production due to commence at the Company's BK11 kimberlite in Q2 2010, the Company has applied for and been granted Local Asset Status by the Non-Bank Financial Institutions Regulatory Authority of Botswana. The ability of Botswana-based institutional investors to invest in Botswana Stock Exchange listed companies is significantly improved by the granting of Local Asset Status.

 

Philip Kenny, CEO of Firestone Diamonds, commented: "Firestone has made a substantial investment in its Botswana operations, which are now the primary focus for the Company. With BK11 due to commence production shortly, and more than 100 kimberlites in our licence areas in the Orapa, Jwaneng and Tsabong regions, we believe that we have a successful future ahead of us in Botswana and look forward to growing our shareholder base in Botswana."

 

 

For further information, visit the Company's web site or contact:

 

Philip Kenny, Firestone Diamonds	+44 20 8834 1028/+44 7831 324 645
Simon Edwards / Tim Redfern, Evolution Securities (Joint Broker)	+44 20 7071 4330 / 4312
Rory Scott, Mirabaud Securities (Joint Broker)	+44 20 7878 3360
Alexander Dewar, Brewin Dolphin (Nominated Adviser)	+44 131 529 0276
Jos Simson / Leesa Peters, Conduit PR	+44 20 7429 6603/+44 7899 870 450

 

Background information on Firestone Diamonds:

Firestone Diamonds plc ("FDI.L") is an international diamond mining and exploration company with operations in Botswana and South Africa. Botswana is the world's largest and lowest cost producer of diamonds, with annual production worth over $2.5 billion, and is considered to be one of the most prospective countries in the world to explore for diamonds.

 

Firestone is the largest holder of mineral rights in Botswana's diamondiferous kimberlite fields, controlling over 25,000 square kilometres around the major Orapa and Jwaneng mines and the entire Tsabong kimberlite field. Firestone has 103 kimberlites in its portfolio, of which BK11 is due to commence production in Q2 2010, and 29 others have been proven to be diamondiferous.

 

This information is provided by RNS

The company news service from the London Stock Exchange